Alger Capital, an investment management company, released its “Alger Spectra Fund” third quarter investor letter. A copy of the same can be downloaded here. In the third quarter, Class A shares of the fund outperformed the Russell 3000 Growth Index. In the quarter, the portfolio’s largest sector overweight was Health Care, and the largest sector underweight was Information Technology. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital discussed stocks like Microsoft Corporation (NASDAQ:MSFT) in the Q3 2022 investor letter. Microsoft Corporation (NASDAQ:MSFT) is a multinational technology company headquartered in Redmond, Washington. On November 2, 2022, Microsoft Corporation (NASDAQ:MSFT) stock closed at $220.10 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was -10.81% and its shares lost 34.58% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $1.641 trillion.
Alger Capital made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its Q3 2022 investor letter:
“Microsoft Corporation (NASDAQ:MSFT) is a positive dynamic change beneficiary of corporate America’s transformative digitization. Microsoft CEO expects technology spending as a percent of gross domestic product (GDP) to jump from about 5% now to 10% in 10 years and that Microsoft will continue to capture market share within the technology sector.
Microsoft’s shares underperformed during the period because the company slightly missed analysts’ estimates. The miss was due to foreign currency headwinds, weakening small business and consumer demand, and decreasing advertising activity. However, Microsoft showed that despite consumer, advertising, and small and medium business weakness; the company’s main business, the digitization of corporate America, continues to grow. We believe the secular forces of cloud adoption (azure and office 365) remain resilient, and the company’s commercial bookings growth attest to the continued demand for digital transformation.”
Image by Tawanda Razika from Pixabay
Microsoft Corporation (NASDAQ:MSFT) holds the top position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 258 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of the second quarter which was 259 in the previous quarter.
We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared the list of the biggest global tech companies by market cap. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
